GBP/JPY extends its slide on Friday as suspected intervention by Japanese authorities rattles the FX market and lifts the Yen across the board, pushing the cross further away from the multi-year high of 219.16 touched earlier this month. At the time of writing, GBP/JPY trades around 213.75, hovering near June lows.
Reuters reported, citing a market source, that Japan likely conducted a large-scale US Dollar-selling, Japanese Yen-buying intervention worth as much as $58.97 billion during Thursday’s American trading hours. The move triggered a drop of more than 500 pips in GBP/JPY.
Separately, Reuters, citing a source familiar with the matter…
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